Stocks closed higher on Wall Street Tuesday and oil prices eased as investors remained focused on the outlook for inflation.
Banks helped drive the gains, along with technology and retailer stocks. Energy stocks slipped as oil prices fell. Bond yields continued to rise a day after Federal Reserve Chair Jerome Powell said the central bank was prepared to move more aggressively in raising interest rates in its fight against inflation, if it needed to.
On Tuesday:
The S&P 500 rose 50.43 points, or 1.1%, to 4,511.61.
The Dow Jones Industrial Average rose 254.47 points, or 0.7%, to 34,807.46.
The Nasdaq rose 270.36 points, or 2%, to 14,108.82.
The Russell 2000 index of smaller companies rose 22.41 points, or 1.1%, to 2,088.34.
For the week:
The S&P 500 is up 48.49 points, or 1.1%.
The Dow is up 52.53 points, or 0.2%.
The Nasdaq is up 214.98 points, or 1.5%.
The Russell 2000 is up 2.20 points, or 0.1%.
For the year:
The S&P 500 is down 254.57 points, or 5.3%.
The Dow is down 1,530.84 points, or 4.2%.
The Nasdaq is down 1,536.15 points, or 9.8%.
The Russell 2000 is down 156.97 points, or 7%.
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